Prosper Gold Corp. Acquires Galahad Leases and Increases Ontario Land Position to 9,813 Hectares
QUESNEL, BRITISH COLUMBIA--(Marketwired - April 21, 2016) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased announce that it has entered into an agreement with JCML Resources Inc. (the "Agreement") pursuant to which Prosper Gold will acquire 100% interest in 13 mineral claims and 9 mineral leases totalling 1,349 hectares surrounding the previously acquired Ashley Gold Mine. (See the Company's February 29 & March 1 2016 news releases).
The Galahad leases cover a 1,700 meters segment of the northwest trending Galer Fault. The property was drilled in 1945, 1973, 1988, 1990 and 2010. Drilling was done over a 1,100 m stretch of the fault zone with most holes less than 100 m deep. Seventeen of twenty two holes intersected gold mineralization at shallow depth. Historic results include 10.63 g/t gold over 3 meters. The Galahad is approximately 2.5km south west of the Ashley Gold Mine.
Pete Bernier, President and CEO, comments. "This acquisition solidifies Prosper's land package surrounding the historic Ashley Gold Mine. Our land position now includes the Galahad property, a viable gold vein target in its own right. In coming months we aim to systematically prospect and survey the entire property with airborne, ground IP and extensive soil sampling to define strong drill targets. We are excited for the summer's exploration season."
As consideration for the claims and leases, Prosper Gold will pay $50,000 and issue 100,000 shares of Prosper Gold to JCML Resources Inc. 5 mineral claims and 9 mineral leases are subject to a 2% NSR. The Agreement is subject to the approval of the TSX Venture Exchange.
Qualified Person
The scientific and technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.
For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bernier, President & CEO
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Agreement, exploration potential of the Galahad leases and the planned exploration of the Galahad leases are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; the Company's ability to satisfy conditions precedent under the Agreement; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
